As bryanj states not all 550s had this problem. In the US, the factory improved covers occurred mid to late 76 production. So, it is likely your bike bears scrutiny.
The bad ones I found from on bike inspection were most effected on the #1 cylinder side, (the left). The first one I found WAS making noise, as the rocker was hitting the inspection hole cover. This was also the worst one I found.
To inspect, the cam cover end cap must be removed. This cover contain two plugs with orings, that fit into the rocker shaft access holes. With the end cover removed, you can see the ends of the rocker shafts. The shafts have a threaded hole in them, used for shaft extraction. If the cover is worn, this hole will appear uncentered in the shaft bore. The valve spring pressure, plus cover wear, makes the shaft move up higher in the cover. Wear such as in the picture below, allows the rocker to twist, placing high wear loads on the cam and cam follower, causing early failure of those components as well. It takes a lot of miles before actual engine performance suffers, though.